TAG Alliances® is one of the largest alliances in the world. It distinguishes itself as one of the few multidisciplinary alliances for accounting firms. Composed of TIAG® (The International Accounting Group), an alliance of independent accounting firms; TAGLaw®, an alliance of independent law firms; and TAG-SP®, a multidisciplinary alliance of strategic partners, TAG Alliances serves the full business needs of its members' clients in over 105 countries.
We have the pleasure to be invited to join this alliance as the sole member in Hong Kong region since 2007.
The alliance has been recognized by Accountancy Age as one of the top three accounting alliances in the world. This is the eighth consecutive year that TAG Alliances has been ranked in this elite position.
The rankings include 20 associations and alliances, and are based on the collective revenues of each organization’s member firms. TAG Alliances is prominently featured in Accountancy Age's report, which announces the 2019 rankings and examines the status of international networks, associations, and alliances in a time of continuing global economic uncertainty. This is the eighth consecutive year TAG Alliances has received this prestigious ranking.
International Tax Update Dec 2019 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/inter_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
Hong Kong Tax Update Dec 2019 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/hk_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
PRC Tax Update 2019 Issue 6 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/prc_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
The Secretary for Financial Services and the Treasury, Mr. James Lau, on behalf of the Government of the Hong Kong Special Administrative Region, signed in Hong Kong on 25 September 2019 a comprehensive avoidance of double taxation agreement (CDTA) with the Estonian Minister of Finance, Mr. Martin Helme, signifying the Government's sustained efforts in expanding Hong Kong's tax treaty network.
Under the CDTA, double taxation will be avoided in that any Estonian tax paid by Hong Kong companies will be allowed as a credit against the tax payable in Hong Kong on the same profits, subject to the provisions of the tax laws of Hong Kong. Likewise, for Estonian companies, the tax paid in Hong Kong will be allowed as a deduction from the tax payable on the same income in Estonia.
For more details, please refer to IRD website or our Avoidance of Double Taxation Arrangement
International Tax Update Sep 2019 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/inter_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
PRC Tax Update 2019 Issue 5 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/prc_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
Hong Kong Tax Update Sep 2019 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/hk_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
TIHK Newsletter Issue 34, covering the Hong Kong, PRC and international tax updates and a variety of Institute's activities has been uploaded to TIHK’s website for your retention: http://www.tihk.org.hk/v2/news/news_letter/2019/34.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
PRC Tax Update 2019 Issue 4 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/prc_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
PRC Tax Update 2019 Issue 3 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/prc_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
The Secretary for Financial Services and the Treasury, Mr. James Lau, on behalf of the Government of the Hong Kong Special Administrative Region, signed in Hong Kong on 26 June 2019 a comprehensive avoidance of double taxation agreement (CDTA) with the Deputy Prime Minister, Minister of Economy and Finance of Cambodia, Dr. Aun Pornmoniroth, signifying the Government's sustained efforts in expanding Hong Kong's tax treaty network.
Under the CDTA, double taxation will be avoided in that any Cambodian tax paid by Hong Kong companies will be allowed as a credit against the tax payable in Hong Kong on the same profits, subject to the provisions of the tax laws of Hong Kong. Likewise, for Cambodian companies, the tax paid in Hong Kong will be allowed as a deduction from the tax payable on the same income in Cambodia.
For more details, please refer to IRD website or our Avoidance of Double Taxation Arrangement.
International Tax Update Jun 2019 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/inter_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
PRC Tax Update 2019 Issue 2 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/prc_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
Hong Kong Tax Update Jun 2019 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/hk_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
TIHK Newsletter Issue 33, covering the Hong Kong, PRC and international tax updates and a variety of Institute's activities has been uploaded to TIHK’s website for your retention: http://www.tihk.org.hk/v2/news/news_letter/2019/33.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
International Tax Update Apr 2019 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/inter_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
PRC Tax Update 2019 Issue 1 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/prc_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
Hong Kong Tax Update Apr 2019 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/hk_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
TIHK Newsletter Issue 32, covering the Hong Kong, PRC and international tax updates and a variety of Institute's activities has been uploaded to TIHK’s website for your retention: http://www.tihk.org.hk/v2/news/news_letter/2019/32.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
TAG Alliances announced the publication of their 2018 Annual Review: "Rooted in History. Growing Our Tomorrow." Our company is one of TAG Alliance members.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
International Tax Update Feb 2019 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/inter_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
Hong Kong Tax Update Feb 2019 has been uploaded to TIHK’s website for your retention:http://www.tihk.org.hk/v2/news/taxupdate/2019/hk_tax.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
TIHK Newsletter Issue 31, covering the Hong Kong, PRC and international tax updates and a variety of Institute's activities has been uploaded to TIHK’s website for your retention: http://www.tihk.org.hk/v2/news/news_letter/2019/31.
This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.
On 27 February 2019, Financial Secretary, the Honourable Paul Chan Mo-po, delivered the budget speech. In his 2019-20 Budget, he laid out a series of economic relief measures.
Highlights of the budget
One-off measures:
- 75% tax reduction subject to a cap at $20,000 per case of salaries tax and tax under personal assessment for 2018/19.
- 75% tax reduction subject to a cap at $20,000 per case of profits tax for 2018/19.
- Rates concession for the four quarters of 2019/20, subject to a cap of $1,500 per quarter for each rateable property.
- Provide an extra allowance to social security recipients, equal to one month of the standard rate Comprehensive Social Security Assistance (CSSA) payments, Old Age Allowance (OAA), Old Age Living Allowance (OALA) or Disability Allowance. Similar arrangements will apply to Low-income Working Family Allowance (LIFA) and Work Incentive Transport Subsidy.
- Provide a one-off grant of $2,500 to each student in need to support learning.
- Pay the examination fees for candidates sitting for the 2020 Hong Kong Diploma of Secondary Education (HKDSE) Examination.
- Provide a one-off additional $1,000 worth of Elderly Health Care Vouchers, and increase the accumulation limit of vouchers to $8,000.
- Waive the business registration fees for 2019-20.
Profit tax
- Profits tax rate for the first HK$2 million of profits of corporations / unincorporated business will be lowered to 8.25% and 7.5% respectively. The remainder of profits of corporations / unincorporated business remain at 16.5% and 15% respectively.
Salaries tax
- Standard tax rate remain unchanged.
Other tax relief
- Provide a tax reduction for people who purchase eligible health insurance products for themselves or their dependants under the Voluntary Health Insurance Scheme, at the upper limit of $8,000 per insured person.
- Provide a tax reduction for voluntary contributions made to the Mandatory Provident Fund (MPF) and contributions made to deferred annuity products under Life Annuity Scheme, at the upper limit of $60,000 .
